Frequency Electronics: After-Hours Trading

Shares of Frequency Electronics jump after the company gives a bullish outlook for fiscal 2011.

NEW YORK ( TheStreet) -- Shares of Frequency Electronics ( FEIM) surged in late trades on Wednesday after the maker of synchronization technology products for satellites and aircraft reported its fiscal 2011 results and gave a bullish outlook for fiscal 2012.

"The outlook for Frequency Electronics continues to be extremely positive," the company said in its press release after posting a profit of $6 million, or 72 cents a share, for the year with revenue rising 8% to $53.2 million. "We anticipate continued high levels of funding on our major DOD contracts because they support mission-critical programs. For fiscal 2012, we expect strong revenue growth and increasing profitability."

The latest results included a gain of $3.7 million from the reversal of a deferred tax valuation allowance.

The stock was last quoted at $11.20, up 16.5%, on volume of around 45,000, according to Nasdaq.com. Based on Tuesday's regular session close at $9.61, the shares were up 38% so far in 2011.

Frequency Electronics, based in Mitchel Field, N.Y., isn't covered by any analysts, according to Thomson Reuters data. The company said its backlog has reached a "record" high of $70.8 million as of the fiscal year's end on April 30, and that revenue from space programs continues to improve, along with gross margins, which rose to 37.5% from 36%.